Ramelius Resources Limited · ASX:RMS
Ramelius Resources — Gold Forum Europe - Zurich 2026
35 slides from Ramelius Resources's conference presentation, April 2026
Slide 1: Growth Pathway to +500koz
Growth Pathway to +500koz Gold Forum Europe - Zurich APRIL 2026
Slide 2: Qualifications & Non-IFRS financial information
Qualifications & Non-IFRS financial information Forward Looking Statements This presentation contains certain forward-looking statements with respect to Ramelius Resources Ltd’s (Ramelius) financial condition, results of operations, production targets and other matters that are subject to various ri
Slide 3: A Business Primed for Growth
A Business Primed for Growth The Foundations • Mt Magnet Ore Reserve of 3.1Moz1 • Never Never underground Ore Reserve of 7Mt @ 7.3g/t for 1.6Moz4 • Rebecca-Roe Ore Reserve of 1.1Moz, FID approved subject to Roe permitting2 • A$606.5M3 cash & gold (31 March 2026) • Gold forwards closed out as of 31 M
Slide 4: FY26 Production Update | guidance confirmed
FY26 Production Update | guidance confirmed1 March 2026 Quarter production 38,093 ounces Impacting factors (Q3) Planned mill shutdown mid-March Road closures from rain associated with Cyclone Narelle late March June 2026 Quarter forecast ~56,000 ounces (mid-point) On track for FY26 Guidance mid-poin
Slide 5: Mt Magnet | fuel supply & power generation
Mt Magnet | fuel supply & power generation Diesel fuel supplies1 • Operations are not currently impacted by diesel fuel supply chain disruptions with fuel sourced directly from global oil major on a long-term contract • Trigger Action Response Plan’s (TARP) in place for potential fuel restrictions M
Slide 6: 5-Year Outlook (base case) | 525koz p.a. by FY30
5-Year Outlook (base case) | 525koz p.a. by FY301 5-Year and long-term Group production profile(Koz) & AISC (A$/oz) 170% production growth FY26-30 driven by Dalgaranga and Rebecca-Roe ~ 525koz p.a. long term production rate A$1,975/oz AISC average over next 5-years (peer leading) and lower from FY30
Slide 7: 5-Year Outlook | high margin business for longer
5-Year Outlook | high margin business for longer AISC Margin (A$/oz) (%) (at base case A$4,500/oz)1 50 – 60% AISC margin across FY26 - FY30 ~ average A$2,500/oz1 AISC margin/oz across FY26 - FY30 superior returns quality assets focusing on high- grade ore and owner cost control NOTES 1 Includes exis
Slide 8: ASX Peer Comparison | last 3-year returns
ASX Peer Comparison | last 3-year returns NOTES Refer to appendices for supporting tables. | 8
Slide 9: 5-Year Outlook | fully funded, strong ongoing FCF from FY27
5-Year Outlook | fully funded, strong ongoing FCF from FY27 Group free cash flow outlook (A$M)1-4 Sequenced capital plan Mt Magnet mill expansion to 4.3Mtpa capacity A$223M (completion Sep 2027 Quarter ) Dalgaranga mine development A$82M (FY26) Rebecca-Roe mill/infrastructure build of A$340M (commen
Slide 10: Shareholder Returns | “maintain, then grow”
Shareholder Returns | “maintain, then grow” past - FY24 & FY25 present - FY26 & FY27 future - FY28 & FY29 Maintain strong balance sheet 1 Re-investment into the business1 1 Shareholder returns2 1 • Never Never mine development • “Grow” shareholder returns, targeted at 40% pay • Cash on hand A$810M •
Slide 11: Shareholder Returns | “maintain, then grow”
Shareholder Returns | “maintain, then grow” Interim Dividend (H1, FY26) Shareholder Returns | (A$M) • Fully franked at 3 cents per share (A$57.7 million) • Record date of 17 March 2026 • Payment date of 15 April 2026 • Exceeds the minimum dividend of 2cps per annum commitment for FY26 Share buybacks
Slide 12: Mt Magnet Hub
Mt Magnet Hub
Slide 13: Mt Magnet 5-Year Outlook | 380koz p.a. by FY30
Mt Magnet 5-Year Outlook | 380koz p.a. by FY301 Tier 1 production hub by both production and AISC metrics ~ 360 koz p.a. long-term production rate A$1,860/oz AISC average over next 5-years, lower after FY30 Exploration upside…. further drilling at Penny, Dalgaranga, Cue and Mt Magnet detailed in fol
Slide 14: Dalgaranga | ore haulage commenced to Mt Magnet
Dalgaranga | ore haulage commenced to Mt Magnet Mining on track • First truckload of Never Never ore delivered to Mt Magnet plant 18th February • First stope fired 13th March containing 40,926t at 7.41g/t • Stockpile of 52,000t at 3.66g/t at end of March • Higher-grade Never Never ore will be milled
Slide 15: Dalgaranga | the start of something great
Dalgaranga | the start of something great | 15
Slide 16: Dalgaranga | Never Never mine schedule
Dalgaranga | Never Never mine schedule Mining schedule Tonnages and grade increase as the main section of the ore body is accessed from FY28 Pepper zone not in full production until FY30 Never Never Ore Reserve: 7Mt @ 7.3g/t Au for 1.6Moz1 Processing schedule Assumes 81% met recovery of Dalgaranga o
Slide 17: Mt Magnet | processing plant upgrade to 4.3Mtpa
Mt Magnet | processing plant upgrade to 4.3Mtpa Early works • All approvals for construction granted • Phase 1 Dalgaranga to Mt Magnet haul road works complete for unsealed haulage • Phase 1 clearing of expanded plant complete plus new storage/laydown area • Mt Magnet camp expansion - installation p
Slide 18: Mt Magnet | top Australian gold production hub
Mt Magnet | top 5 Australian gold production hub Top 20 Australian gold mines by gold production NOTES 1 Sourced from Visible Alpha as at 28 October 2025 2 Top 20 gold production hubs based on prior financial year's gold production 3 Tropicana and Gruyere JVs based on 100% ownership, AISC based on r
Slide 19: Rebecca-Roe
Rebecca- Roe
Slide 20: Ramelius’ first Native Title Mining Agreement
Ramelius’ first Native Title Mining Agreement In December 2025, Ramelius proudly announced the successful negotiation and execution of a Native Title Mining Agreement with Kakarra Part B Native Title Group for the Rebecca-Roe project The completion of the NTMA is an important milestone in the succes
Slide 21: Exceptional Exploration Upside
Exceptional Exploration Upside
Slide 22: Mt Magnet | base case + exploration upside summary
Mt Magnet | base case + exploration upside summary Mt Magnet 5-year production profile (koz) & low-grade material Opportunities to displace low-grade 1 Penny: extensions to the existing Penny North to the southwest and Penny West to the south o FY26 exploration spend of A$10-12M o Mine plan currentl
Slide 23: Cue | Break of Day extensions
Cue | Break of Day extensions Recent Break of Day results1 include: ➢ 7.5m at 35.8g/t Au including 0.47m at 63.1g/t Au ➢ 4.6m at 15.2g/t Au including 0.9m at 39.6g/t Au ➢ 1.8m at 139g/t Au ➢ 1.2m at 27.1g/t Au ➢ 7.2m at 2.77g/t Au Drilling limited by mining (blasting) of open pit up until end of FY2
Slide 24: Mt Magnet | conversion of exploration target
Mt Magnet | conversion of exploration target Deepest results1 include: ➢ 4.6m @ 7.04g/t Au ➢ 3.5m @ 6.77g/t Au ➢ 40.9m @ 2.66g/t Au ➢ 4.7m @ 3.72g/t Au Exploration target 6–7Mt at 2.1–2.6 g/t for 400-600koz1 Two underground drill rigs operating Accelerated drill program using dedicated exploration d
Slide 25: Dalgaranga | resource definition & infill drilling
Dalgaranga | resource definition & infill drilling Underground diamond drilling results1: Never Never: ➢ 13.0m at 38.4g/t Au from 122.2m ➢ 35.3m at 16.0g/t Au from 104.7m ➢ 16.3m at 10.2g/t Au from 42.4m ➢ 7.7m at 25.4g/t Au from 129.0m ➢ 11.3m at 22.9g/t Au from 117.0m Four Pillars: ➢ 4.2m at 3.35g
Slide 26: Dalgaranga | a corridor for future discoveries
Dalgaranga | a corridor for future discoveries FY26 Plan • underground diamond drilling: 50,000m campaign planned at Four Pillars, West Winds, Applewood area • surface diamond drilling: 5,000m campaign planned to test down dip extensions • surface RC drilling: 8,000m planned to test new gravity and
Slide 27: Ramelius’ investment case
Ramelius’ investment case Reliable Sector leading operational team cash flows Stand-out in sector for High margin / free cash flow delivery of Guidance focused business with long life assets (Mt Magnet & Rebecca-Roe) Dividend yield well 170% production growth above mid-tier ASX Pathway to 525koz p.a
Slide 28: Appendices
Appendices
Slide 29: Mineral Resources
Mineral Resources Mineral Resources (Summary) MINERAL RESOURCES AS AT 30 JUNE 2025 - INCLUSIVE OF RESERVES Measured Indicated Inferred Total Resource Project Deposit t g/t oz t g/t oz t g/t oz t g/t oz Open Pit deposits 2,200,000 1.6 110,000 36,000,000 1.5 1,700,000 20,000,000 1.2 780,000 59,000,000
Slide 30: Ore Reserves
Ore Reserves Ore Reserves (Summary) UPDATED ORE RESERVE STATEMENT AS AT 30 JUNE 2025 Project Mine Prov en Probable Total Reserv e t g/t oz t g/t oz t g/t oz Total Open Pit 20,000,000 1.2 780,000 20,000,000 1.2 780,000 Total Underground 3,200,000 2.4 250,000 3,200,000 2.4 250,000 Mt Magnet ROM & LG s
Slide 31: ASX Peer Comparison | returns – earnings
ASX Peer Comparison | returns – earnings Net Add back: Add / (less): operating Statutory income tax net finance Statutory Tax Rate profit after NPAT expense / expense / EBIT Company tax Source (benefit) (income) (Statutory) (D) (F) (A) (B) (C) (E) (A)+(B)+(C) (D) * (1- (E) ) Ramelius Resources Limit
Slide 32: ASX Peer Comparison | returns – earnings
ASX Peer Comparison | returns – earnings Net Add back: Add / (less): operating Statutory income tax net finance Statutory Tax Rate profit after NPAT expense / expense / EBIT Company tax Source (benefit) (income) (Statutory) (D) (F) (A) (B) (C) (E) (A)+(B)+(C) (D) * (1- (E) ) Northern Star Resources
Slide 33: ASX Peer Comparison | returns – capital
ASX Peer Comparison | returns – capital Return on Invested Capital Return on Return on Debt Equity Cash & gold invested Capital Employed capital equity Company capital Source (D) (E) (F) (G) (H) (A) (B) (C) (A)+(B)+(C) (A)+(B) (F)1/(D) (D)1/(E) ((A)1/(B) Ramelius Resources Limited (4-year average) 1
Slide 34: ASX Peer Comparison | returns – capital
ASX Peer Comparison | returns – capital Return on Invested Capital Return on Return on Debt Equity Cash & gold invested Capital Employed capital equity Company capital Source (D) (E) (F) (G) (H) (A) (B) (C) (A)+(B)+(C) (A)+(B) (F)1/(D) (D)1/(E) ((A)1/(B) Northern Star Resources Limited 10,101.6 9,83
Slide 35: Thank you
Thank you RAMELIUS RESOURCES LIMITED | ASX Code: RMS Level 13, 58 Mounts Bay Road, Perth, WA, 6000 Authorised for release to the ASX by the Managing Director INVESTOR ENQUIRIES Mark Zeptner Managing Director Ramelius Resources Limited Ph: +61 8 9202 1127 Brian Massey General Manager Investor Relatio